GBPUSD and EURUSD Intraday: Elliott Wave Analysis

By: Gregor Horvat | Wed, Sep 17, 2014
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GBPUSD is at the highs after worse than expected CPI figures in the US which makes USD slightly weaker across the board. However, technically we see a nice pattern that can cause a turning point. It's called an ending diagonal that can be taking place in wave C. If that is the case, then resistance around 1.6350 must hold and send price to beneath 1.6280 where broken support could put price in bearish mode.

GBPUSD 30min Elliott Wave Analysis

GBPUSD 30-Minute Elliott Wave Analysis Chart

There is a possibility that EURUSD found a pick of a corrective wave 4 at latest 1.2993 high, therefore weakness could follow through the day. However a break of 1.2941, as well as a decisive push through the channel line is needed to support the bearish view, as broken channel would then open door for a drop to a new low. If 1.2993 gives way, then next resistance is at 1.3020/30, at upper parallel line where corrective rally may finally stop.

EURUSD 1h Elliott Wave Analysis

EURUSD 1-Hour Elliott Wave Analysis Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/

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